Shares of refractory products maker and supplier RHI Magnesita India Ltd. jumped over 4 percent on Wednesday after the company announced that its board will meet on April 1 to consider a proposal for fund infusion of up to Rs 200 crore by promoters into the company.

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The company in an exchange filing stated that its board of directors will meet on April 1 (Saturday) to consider and approve the proposal for raising funds by way of a preferential allotment through issue of equity shares to its promoters or members of promoter group.

In an extraordinary general meeting on March 14, shareholders had approved the proposal for raising of funds through the issuance of securities of the company.

The company also stated that the trading window for dealing in securities of the company by its Designated Persons and their immediate relatives shall remain closed from March 29, 2023.

RHI Magnesita Ltd. is a manufacturer and supplier of refractory products, systems and solutions for a wide range of industries, including steel, cement, non-ferrous metals and glass.

Last month, RHI Magnesita’s global CEO Stefan Borgas announced that the Vienna-based company would invest Rs 3,600 crore in the Indian market over the next two-three years to increase its production capacity and modernise plants.

The company reported a 22 percent drop in net profit to Rs 59 crore for the December quarter as margin declined to a nine-quarter low. Net sales rose by 19 percent year-on-year to Rs 645 crore compared to Rs 543 crore a year ago.

Shares of RHI Magnesita India are off the day's high but are trading 1.8 percent higher at Rs 591.50.

(Edited by : Rukmani Krishna)